Phillips Wealth Planners LLC Lowers Holdings in The Progressive Co. (NYSE:PGR)

02 Nov 2024, 12:38 by Sarita Garza · The Markets Daily

Phillips Wealth Planners LLC decreased its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 10.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,295 shares of the insurance provider’s stock after selling 264 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Progressive were worth $586,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Davis Capital Management purchased a new position in Progressive during the third quarter valued at $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the last quarter. Hilltop National Bank raised its stake in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after buying an additional 73 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Progressive in the first quarter worth $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.0 %

Shares of PGR opened at $242.75 on Friday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $142.17 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 0.67 and a beta of 0.35. The business’s 50 day moving average is $250.88 and its 200 day moving average is $226.66.

Progressive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.16%. Progressive’s dividend payout ratio is 2.91%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. boosted their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Bank of America increased their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Seven investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $263.19.

Read Our Latest Report on Progressive

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by insiders.

Progressive Profile

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